[I]f reserve currency status was such a gift, why doesn’t China take the steps that would make it possible. Why doesn’t Europe?

The fact is, for all their bitching, nearly every country on the planet does not want to relinquish their “export growth model”. Every week there is some trumped-up report by someone about how China is trading more in the Yuan with Russia and Southeast Asia countries. In the grand scheme of things such trade in Yuan nearly meaningless, not representative of a significant adjustment.